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  2. Law of Supply and Demand
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Law of Supply and Demand

sofware
Software: SimCity
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The law of supply and demand introduces learners to the basic principles of economics and helps them understand how prices are determined in a market. Specifically, learners should be able to define the law of supply and demand, identify the factors that affect supply and demand, explain how changes in supply and demand affect prices, and apply the law of supply and demand in real-life scenarios. By the end of the lesson, learners should have a basic understanding of market forces and how they can use this knowledge to make informed decisions as consumers.

 

Lesson Overview

  Overview   Activity Objectives
 Opening Activity Learners revise the demand-supply concept in a marketplace while staging a mock market in the classroom. 
  • Understanding the basic concept of demand, supply, and price determination. 
 Main Activity Learners will be building a city and its economy for sustenance(roads, infrastructure) with the help of Simcity, which deepens their understanding of demand, supply, and prices in a real setting. 
  • Understanding the effect of prices on a good's quantity demanded and supplied. 
 Closing Activity Learners will present their city model and reflect on the outcomes with their peers. 
  • Share their experience building a city, managing supply and demand, and developing ways to improve it. 

 

Prior Knowledge:
Learners should be able to:

  • Understand the meaning of buyer and seller.

  • Determine the supply and demand of an item.

 

Lesson Objectives:
Learners will:

  • Define the law of supply and demand.

  • Explain how changes in prices affect supply and demand.

  • Apply the law of supply and demand in real-life scenarios.

 

Learning Outcomes:
Learners will be able to: 

  • Become familiar with the law of supply and demand.

  • Gather information about how the supply and demand of an item affects its prices.

  • Implement their understanding of the law of supply and demand to answer various real-life scenarios.

  • Share their city-building experience and managing supply and demand with their classmates.

 

 

Pre-lesson Prep:

  • Like all lessons on Eddy, this lesson follows a certain approach. If this is your first time implementing an Eddy lesson, check out our lesson approach for more information.

  • Prepare necessary logistics in advance.

  • Prepare necessary technology/hardware in advance.

    • Devices (tablets/laptops/Chromebooks/computers) - one per team

    • A stable wifi connection.

    • Access to Ld player on each device.

 

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What can I do if I allocate more than three learners per group?
In the event of more than three learners per group, guide learners on ways to be equal, making time within the group to ensure everyone gets their share of hands-on learning. You can also assign the responsibility of monitoring equal making time and an opportunity to voice opinions to one team member.
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How does conducting a mock market in the classroom lead to durable learning of the law of supply and demand?
Engaging with role-playing connects learners to their senses. For example, learning an otherwise ordinary topic, “supply and demand,” in Economics, through role-playing helps learners express their feelings. Learners can utilize the concept learned, connect it to the real world, and apply it to create meaningful scenarios.
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What are some real-world applications of SimCity other than economics?
For environmental management: SimCity can also be used to teach environmental management principles. For example, players can experiment with different approaches to managing pollution and reducing carbon emissions, such as investing in renewable energy sources, implementing recycling programs, or reducing traffic congestion. For disaster preparedness: The game's simulation of natural disasters, such as earthquakes and hurricanes, can be used to teach learners on how to prepare for and respond to disasters, such as evacuating citizens and allocating resources to critical areas of the city.

 

 

 

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Slide 3, 5

Introduce the ground rules, lesson norms, and team roles to students. You can check out our lesson approach if it’s your first time conducting an Eddy lesson.
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Slide 6

Introduce learners to the law of supply and demand by asking them, “If they have ever seen a crowded market or shopping center with many buyers and sellers.”

  • Provide them with a few examples of nearby markets and stores in the neighborhood, Costco, Walmart, etc. 
  • Provide them a brief description of what is meant by “Buyers” and “Sellers.”
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Slide 7

Introduce the learners to the mock marketplace activity by providing them with a set of rules/directions that need to be followed during the activity:

  • Divide the learners into “buyers” and “sellers” in a 2:1 ratio.
  • Provide the sellers with various items to sell, such as pencils, erasers, candy, or small toys. Set a price for each item.
  • Please provide them with a Mock marketplace worksheet and ask them to fill when they sell any of the items from their station.
  • Provide the buyers with a budget of $50 so that they will focus on buying necessary items.
  • Allow the sellers and buyers to negotiate prices until they reach an agreement. Encourage the students to keep track of the costs and quantities of each item.
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Slide 8

Visit each seller's station and gather data on each product's price, demand, and availability. 

After data collection on the mock marketplace worksheet, Plot it on a graph (plot a graph with the help of livegap charts) to show the relationship between the price of the item and the quantity demanded or supplied and discuss the trends with the learners. 
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Slide 9

Introduce learners to the basics of supply and demand and how they regulate the price of a commodity with the help of an educational video.

(Youtube video link: https://youtu.be/GqeRnxSuLFI)
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Slide 10, 11

Explain to the learners the basic definition of the law of supply and demand with the help of a diagram:

  • The law of demand states that as the price of an item increases, the quantity demanded decreases, and vice versa. 
  • The law of supply states that as the price of an item increases, the quantity supplied increases, and vice versa.
  • Provide various examples to explain the difference and impact on price on supply and demand of a commodity.
  • Educators can also mention real-life scenarios / mock marketplace activity examples to explain the law of supply and demand.

 

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What if learners are not forthcoming with responses?
Ensure that you maintain a safe space in the classroom for learners to be confident in case of wrong answers. Time and again, declare that it is a judgment-free zone and that every response is valuable. For simple “yes” and “no” responses, encourage learners to use a simple “Thumbs up, thumbs down” response style.
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For learners who require more support:
Simplify the activity by providing them with sketches or story templates to distinguish between buyer, seller, and demand. This will help them focus on placing the demand and its effect on the prices.
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For advanced learners:
Provide them with more open-ended tasks that require them to use critical thinking skills and problem-solving abilities. For example, you could ask them to design a case study around their real-life encounter with price changes due to the supply and demand of a product. You could also encourage them to explore the various factors attached to the law of supply and demand.

 

 

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Slide 12

Introduce the main activity to the learners by asking them to relate the concept of supply and demand to a particular economy and what if they can build an economy on their own and regulate the supply and demand of various goods and services.
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Slide 13

Now introduce the learners to the Simcity game, where they will build an economy as the mayor using the law of supply and demand.
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Slide 14

Divide the class into groups and assign each group a task to build a city in SimCity, specifically focusing on the law of supply and demand. For example, one group can focus on building a city with a high demand for luxury goods. In contrast, another group can focus on building a city with a high supply of agricultural products.
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Slide 15

Now, Learners will start creating their City on Simcity. Begin by guiding learners to set up their accounts if they don't have one already. Depending on your learners' familiarity with this game, you should guide learners through the steps mentioned in the teaching deck.
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Slide 16, 17

Introduction to SimCity
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Slide 18, 19, 20, 21, 22, 23, 24, 25

Ask the learners to play the game and design their city while considering the law of supply and demand. Encourage them to experiment with different scenarios, such as increasing or decreasing the price of goods and services, to see how it affects supply and demand in their city.

 

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What if students face problems navigating the platform?
If learners struggle with navigating the platform, offer alternative learning options, such as additional resources(Tech tutorials/video tutorials) or assignments that align with the SimCity project's learning objectives.
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What if my learners find creating a city in a game challenging?
If your learners are still struggling, you can guide them on how to build their city. For example, they start with a small area and gradually expand as they become more comfortable with the game. You can also give them tips on balancing their budget, attracting new residents, and keeping their city running smoothly.
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For learners who require more support:
Scaffold their learning by breaking down the city building into discrete steps. Then, the educator can use relevant examples (e.g., video recommendations on YouTube) to illustrate how SimCity works.
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For advanced learners:
Urban planning: Learners can learn about the different elements of urban planning, such as zoning, transportation, and public services, and experiment with different scenarios to see how they affect the city. Environmental sustainability: Learners can learn about the impact of human activities on the environment and explore strategies for reducing the adverse effects of development on the natural world. Social issues: SimCity can also teach social problems such as poverty, inequality, and access to resources. Geography: Learners can learn about the impact of natural disasters such as earthquakes, hurricanes, and floods on urban areas.

 

 

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Slide 26

Ask the learners to present their creations to their classmate

  • Learners review the presentation guidelines and present with support from supplemental questions from the presentation template.
  • At the end of the presentation, allow time for students to provide feedback to each other.
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Slide 27, 29

Consolidate learning and invite students to share reflection questions.

  1. In SimCity how does the law of supply and demand affect the growth and development of the city? Can you give some examples?
  2. Did you have a surplus or shortage of any particular resource? How did you address that issue?
  3. Did you notice any patterns in the demand for different goods and services in your city? How did you respond to these patterns?

 

 

 

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How can I encourage teams to incorporate sustainability into their city building?
Please encourage learners to incorporate sustainability practices in their city design, such as using renewable energy sources, implementing recycling programs, and creating green spaces. This will help them understand the importance of balancing economic growth with environmental responsibility.
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How would the presentation of the city building facilitate reflection and feedback in the classroom?
The presentation has the added benefit of encouraging cooperation, listening skills, team building, and addressing several cognitive abilities involving analysis, assessment, and synthesis.
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How would you get insight into the law of supply and demand operating in a more extensive economic system while city-building in SimCity?
Work with other cities in SimCity to trade goods and services and see how it affects their respective economies. Build trade routes with other cities to import or export goods and services. This way, they can see how changes in supply and demand in one region affect the economies of other areas. Analyze global market trends in SimCity to see how supply and demand change as the city grows.

 

 

 

 

Understanding the law of supply and demand

Expand
 

Emerging

The learner can identify supply and demand in the mock market but struggles to explain their meaning.
 

Developing

The learner can correctly identify and explain the meaning of supply and demand.

 

Proficient

The learner can accurately identify and explain the meaning of supply and demand.

 

Building a city with SimCity

Expand
 

Emerging

More support from the teacher is required to create and build a city on SimCity.

 

Developing

Some support from the teacher is required to create and build a city on SimCity.

 

Proficient

No support from the teacher is required to create and build a city on SimCityLearners can work independently.

 

Testing and Evaluating your city building

Expand
 

Emerging

The learner can evaluate the city buildings of their peers but struggles to identify areas for improvement.

 

Developing

The learner can evaluate the city buildings and identify some areas for improvement.

 

Proficient

The learner can accurately evaluate the city buildings, identify multiple improvement areas, and propose ways to improve the model.

 

 

 

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Subject
Social Studies
Grade
5th Grade
Tech Domain
Design & Simulation
Common Core (Languages)
RI.4.3
Explain events, procedures, ideas, or concepts in a historical, scientific, or technical text, including what happened and why, based on specific information in the text.
RF.4.4.A
Read on-level text with purpose and understanding.
ISTE
1.3.c
Students curate information from digital resources using a variety of tools and methods to create collections of artifacts that demonstrate meaningful connections or conclusions.
Topic
Economics
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